Construction

If you’re looking to build, look first to P1FCU for a construction loan. Why? Because we’ve been down that road before.

We know that sometimes the home you want, is waiting to be built and we can help you make that happen. Being local means that all decisions and processing are done right here in the LC Valley. Even at the end of construction, you’ll continue to make your payments at any P1FCU branch.

Review all the types of construction loans we offer, you may be surprised what you find.

For rates on all loans, please contact us.

*Manufactured Home Loans (Please contact us for rates)

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• Traditional Construction Loan  
  • For single-family owner-occupied homes
  • One-time close construction for a “stick built”
  • Up to 30 year term ***OAC

  ***On Approved Credit. The rate you receive depends on your individual credit history.

• Builder Construction Loans  
  • Spec Homes
  • Custom pre-sold homes
  • One-year maturity
  • Variable rate
  • Loan-to-value depends on whether the home is spec or pre-sold
• Lot Loan Program  

  This allows you to purchase a lot now and build later.

  • Fixed Rate
  • Should be improved lots within the city limits with utilities.
  • If rural, the land must meet county requirements for a legal building site and have water available or a well.
  • Purpose of land must be for financing new construction of owner occupied residence.
  • Maximum Loan-to-Value 75%
  • Maximum Term 15 Years*
• Purchase Construction (Remodel)  

  This program is designed to allow the purchase of an existing home and finance repairs, alterations, or additions.

  • Consists of two loans. The construction and Long-term Loan. (The Long-term Loan is a no cash out refinance underwritten to standard Fannie Mae Guidelines.)
  • Max Term is 30 years.
  • For single family as primary residence
  • Maximum loan-to-value 95%
• Shop/Living Quarters Construction  

  This program is designed for members who want to purchase land and construct a shop with living quarters as their primary residence.

  • Should be improved lots within the city limits with utilities.
  • If rural, the land must meet county requirements for a legal building site and have water available or a well.
  • Shop with living quarters must meet local building authority approval for occupancy.
  • Maximum Term 20 years
  • Maximum Loan-to-Value 80%
• Shop/Living Quarters Purchase  

  This program allows the purchase of a shop with living quarters as a primary residence

  • Shop with living quarters must meet local building authority approval for occupancy.
  • Maximum Term 20 years
  • Maximum Loan-to-Value 80%